SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company’s filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest. Table of Contents

Page Financial Statement Data Consolidated statements of operations (unaudited) 1 Consolidated balance sheets (unaudited) 2 Supplemental balance sheet detail 3 Components of rental income, other income and corporate overhead 4 Reconciliation of funds from operations - including pro-rata share of unconsolidated properties 5 Reconciliation of net operating income growth for comparable properties - including pro-rata share of unconsolidated properties 6

Debt Information Summary of debt 7 EBITDAre and key balance sheet metrics 8 Key guidance assumptions 9

Operational Data Operating metrics 10 Leasing results and base rent psf 11 Releasing spreads 12 Top 10 tenants 13 Lease expirations 14

Development Activity Capital expenditures 15 Redevelopment projects 16 Department store repositioning status 17

Property Information Property information 18-20

Other Non-GAAP pro-rata financial information 21 Proportionate share of unconsolidated properties - statements of operations (unaudited) 22 Proportionate share of unconsolidated properties - balance sheet (unaudited) 23 Glossary of terms 24 CONSOLIDATED STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands, except per share data)

Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 2019 2018 Revenue: Rental income (see components on page 4) $ 159,519 $ 173,123 $ 633,633 $ 690,432 Other income (see components on page 4) 10,504 9,826 27,851 27,047 Total revenues 170,023 182,949 661,484 717,479

Expenses: Property operating (39,460) (38,237) (154,328) (148,433) Real estate taxes (21,133) (21,385) (82,139) (86,665) Advertising and promotion (3,272) (3,184) (9,513) (9,070) Total recoverable expenses (63,865) (62,806) (245,980) (244,168) Depreciation and amortization (62,178) (61,696) (271,320) (257,796) General and administrative (11,728) (9,121) (51,187) (39,090) Ground rent (224) (197) (837) (789) Impairment loss (6,320) - (35,256) - Total operating expenses (144,315) (133,820) (604,580) (541,843)

Interest expense, net (38,576) (36,360) (153,382) (141,987) Gain on disposition of interests in properties, net 12,317 4,494 38,373 24,602 Gain on extinguishment of debt, net 24,747 51,395 63,660 51,395 Income and other taxes (831) (673) (1,296) (1,532) Income (loss) from unconsolidated entities, net 503 851 (1,499) 541 Net income 23,868 68,836 2,760 108,655 Net income (loss) attributable to noncontrolling interests 3,260 10,321 (1,514) 15,051 Net income attributable to the Company 20,608 58,515 4,274 93,604 Less: Preferred share dividends (3,508) (3,508) (14,032) (14,032) Net income (loss) attributable to common shareholders $ 17,100 $ 55,007 $ (9,758) $ 79,572

Earnings (loss) per common share, basic and diluted $ 0.09 $ 0.29 $ (0.05) $ 0.42

SUPPLEMENTAL INFORMATION | 1 CONSOLIDATED BALANCE SHEETS Washington Prime Group Inc. (Unaudited, dollars in thousands)

December 31, December 31, 2019 2018 Assets: Investment properties at cost $ 5,787,126 $ 5,879,637 Construction in progress 115,280 35,068 5,902,406 5,914,705 Less: accumulated depreciation 2,397,736 2,283,764 3,504,670 3,630,941

Cash and cash equivalents 41,421 42,542 Tenant receivables and accrued revenue, net (see components on page 3) 82,762 85,463 Investment in and advances to unconsolidated entities, at equity 417,092 433,207 Deferred costs and other assets (see components on page 3) 205,034 169,135 Total assets $ 4,250,979 $ 4,361,288

Liabilities: Mortgage notes payable $ 1,115,608 $ 983,269 Notes payable 957,566 982,697 Unsecured term loans 686,642 685,509 Revolving credit facility 204,145 286,002 Other Indebtedness 97,601 - Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) 260,904 253,862 Distributions payable 3,252 2,992 Cash distributions and losses in unconsolidated entities, at equity 15,421 15,421 Total liabilities 3,341,139 3,209,752

Redeemable noncontrolling interests 3,265 3,265

Equity: Stockholders' equity Series H Cumulative Redeemable Preferred Stock 104,251 104,251 Series I Cumulative Redeemable Preferred Stock 98,325 98,325 Common stock 19 19 Capital in excess of par value 1,254,771 1,247,639 Accumulated deficit (655,492) (456,924) Accumulated other comprehensive (loss) income (5,525) 6,400 Total stockholders' equity 796,349 999,710 Noncontrolling interests 110,226 148,561 Total equity 906,575 1,148,271 Total liabilities, redeemable noncontrolling interests and equity $ 4,250,979 $ 4,361,288

SUPPLEMENTAL INFORMATION | 2 SUPPLEMENTAL BALANCE SHEET DETAIL Washington Prime Group Inc. (unaudited, dollars in thousands)

December 31, December 31, 2019 2018

Tenant receivables and accrued revenue, net: Straight-line receivable, net of reserve $ 42,061 $ 38,874 Tenant receivable 10,227 13,430 Unbilled receivables and other 41,988 42,365 Allowance for doubtful accounts, net (11,514) (9,206) Total $ 82,762 $ 85,463

Deferred costs and other assets: Deferred leasing and corporate improvements, net $ 53,729 $ 74,260 In place lease intangibles, net 27,538 38,453 Acquired above market lease intangibles, net 13,419 18,827 Right of use asset (1) 12,915 - Mortgage and other escrow deposits 34,054 18,542 Seller financing receivable (2) 55,000 - Prepaids, notes receivable and other assets, net 8,379 19,053 Total $ 205,034 $ 169,135

Accounts payable, accrued expenses, intangibles and deferred revenues: Accounts payable and accrued expenses $ 165,469 $ 156,685 Below market lease intangibles, net 54,885 66,651 Lease liability (1) 12,915 - Deferred revenues and deposits 27,635 30,526 Total $ 260,904 $ 253,862

(1) The new lease accounting standard effective January 1, 2019 required recognition on the balance sheet, of certain leases, which primarily relate to our corporate offices and property ground leases. (2) Relates to loan provided to Mall Ground Portfolio, LLC for the Perennial ground lease of Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall on October 10, 2019.

SUPPLEMENTAL INFORMATION | 3 COMPONENTS OF RENTAL INCOME, OTHER INCOME AND CORPORATE OVERHEAD Washington Prime Group Inc. (unaudited, dollars in thousands)

Three Months Ended Twelve Months Ended December 31, December 31,

2019 2018 2019 2018

Components of Rental Income: Base rent $ 107,551 $ 114,559 $ 428,808 $ 460,764 Mark-to-market adjustment 957 995 6,382 8,971 Straight-line rents 1,040 475 4,695 3,629 Temporary tenant rents 6,098 7,192 17,207 18,805 Overage rent 3,879 4,062 9,501 9,313 Tenant reimbursements 41,530 45,976 172,948 191,319 Lease termination income 118 1,236 1,630 3,457 Change in estimate of collectibility of rental income (1,654) (1,372) (7,538) (5,826) Total Rental Income $ 159,519 $ 173,123 $ 633,633 $ 690,432

Components of Other Income: Sponsorship and other ancillary property income $ 4,892 $ 4,707 $ 11,016 $ 10,275 Fee income 3,013 2,483 11,682 9,527 Other 2,599 2,636 5,153 7,245 Total Other Income $ 10,504 $ 9,826 $ 27,851 $ 27,047

Components of Corporate Overhead: General & administrative - other $ 8,004 $ 8,353 $ 34,866 $ 35,984 General & administrative - internal leasing costs (1) 3,724 768 16,321 3,106 Internal corporate overhead allocated to operating expense 6,197 5,707 23,792 21,541 Total Corporate Overhead $ 17,925 $ 14,828 $ 74,979 $ 60,631

(1) Certain internal leasing costs that were previously deferred are expensed to general and administrative costs under the new lease accounting standard that became effective January 1, 2019.

SUPPLEMENTAL INFORMATION | 4 RECONCILIATION OF FUNDS FROM OPERATIONS Including Pro-Rata Share of Unconsolidated Properties Washington Prime Group Inc. (unaudited, dollars in thousands, except per share data)

Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Funds from Operations ("FFO"): Net income $ 23,868 $ 68,836 $ 2,760 $ 108,655 Less: Preferred dividends and distributions on preferred operating partnership units (3,568) (3,568) (14,272) (14,272) Real estate depreciation and amortization, including joint venture impact 71,370 70,821 310,430 295,900 Noncontrolling interests portion of depreciation and amortization (67) (35) (67) (35) Net income attributable to noncontrolling interest holders in properties (45) (76) (45) (76) Impairment loss, including (gain) on disposition of interests in properties, net 1,594 (1,598) 26,586 (3,353) FFO $ 93,152 $ 134,380 $ 325,392 $ 386,819

Adjusted Funds from Operations: FFO $ 93,152 $ 134,380 $ 325,392 $ 386,819 Gain on extinguishment of debt, net of default interest (23,098) (50,422) (62,011) (50,422) Adjusted FFO $ 70,054 $ 83,958 $ 263,381 $ 336,397

Weighted average common shares outstanding - diluted 224,228 223,145 223,811 223,004

FFO per diluted share $ 0.42 $ 0.60 $ 1.45 $ 1.73 Total adjustments $ (0.11) $ (0.22) $ (0.27) $ (0.22) Adjusted FFO per diluted share $ 0.31 $ 0.38 $ 1.18 $ 1.51

Non-cash items included in FFO: Non-cash stock compensation expense $ 1,915 $ 2,012 $ 7,837 $ 8,322 Straight-line adjustment as an increase to minimum rents (1) $ 1,492 $ 791 $ 6,167 $ 4,945 Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1) $ 485 $ 556 $ 1,938 $ 2,232 Fair value of debt amortized as a decrease to interest expense (1) $ 926 $ 952 $ 3,700 $ 3,971 Loan fee amortization and bond discount (1) $ 1,821 $ 1,798 $ 7,558 $ 8,436 Mark-to-market/inducement adjustment as a net increase to base rents (1) $ 1,437 $ 1,647 $ 10,257 $ 12,173 Non-real estate depreciation (1) $ 2,267 $ 2,402 $ 9,106 $ 9,814

(1) Includes the pro-rata share of the joint venture properties.

SUPPLEMENTAL INFORMATION | 5 RECONCILIATION OF NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES Including Pro-Rata Share of Unconsolidated Properties Washington Prime Group Inc. (unaudited, dollars in thousands)

Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 Variance $ 2019 2018 Variance $ Reconciliation of Comp NOI to Net Income: Net Income $ 23,868 $ 68,836 $ (44,968) $ 2,760 $ 108,655 $ (105,895)

(Income) loss from unconsolidated entities (503) (851) 348 1,499 (541) 2,040 Income and other taxes 831 673 158 1,296 1,532 (236) Gain on extinguishment of debt, net (24,747) (51,395) 26,648 (63,660) (51,395) (12,265) Gain on disposition of interests in properties, net (12,317) (4,494) (7,823) (38,373) (24,602) (13,771) Interest expense, net 38,576 36,360 2,216 153,382 141,987 11,395 Operating Income 25,708 49,129 (23,421) 56,904 175,636 (118,732) Depreciation and amortization 62,178 61,696 482 271,320 257,796 13,524 Impairment loss 6,320 - 6,320 35,256 - 35,256 General and administrative 11,728 9,121 2,607 51,187 39,090 12,097 Fee income (3,013) (2,483) (530) (11,682) (9,527) (2,155) Management fee allocation 17 152 (135) 140 157 (17) Pro-rata share of unconsolidated joint ventures in comp NOI 18,022 18,483 (461) 70,463 72,348 (1,885) Property allocated corporate expense 4,195 3,833 362 16,870 14,591 2,279 Non-comparable properties and other (1) 190 (2,555) 2,745 423 (5,512) 5,935 NOI from sold properties (695) (2,782) 2,087 (2,482) (12,720) 10,238 Termination income (118) (1,236) 1,118 (1,630) (3,457) 1,827 Straight-line rents (1,040) (475) (565) (4,695) (3,629) (1,066) Ground lease adjustments for straight-line and fair market value 4 12 (8) 20 50 (30) Fair market value and inducement adjustments to base rents (894) (991) 97 (6,194) (8,952) 2,758 Less: Tier 2 and noncore properties (2) (8,342) (12,137) 3,795 (32,131) (47,646) 15,515

Comparable NOI - Tier 1 and Open Air properties $ 114,260 $ 119,767 $ (5,507) $ 443,769 $ 468,225 $ (24,456) Comparable NOI percentage change - Tier 1 and Open Air properties -4.6% -5.2%

(1) Represents an adjustment to remove the NOI amounts from properties not owned and operated in all periods presented, certain non-recurring expenses (such as hurricane related expenses), as well as material insurance proceeds and other non-recurring income received in the periods presented. This also includes adjustments related to the rents from the outparcels sold to Four Corners. (2) NOI from the Tier 2 and noncore properties held in each period presented.

Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 Variance $ Variance % 2019 2018 Variance $ Variance % Comparable Property Net Operating Income (Comp NOI) Revenue: Minimum rent $ 119,024 $ 122,357 $ (3,333) -2.7% $ 464,819 $ 478,773 $ (13,954) -2.9% Overage rent 4,799 4,957 (158) -3.2% 11,531 10,742 789 7.3% Tenant reimbursements 45,245 46,359 (1,114) -2.4% 182,487 191,488 (9,001) -4.7% Change in estimate of collectibility of rental income (1,924) (1,887) (37) -2.0% (6,655) (5,768) (887) -15.4% Other 5,055 4,482 573 12.8% 12,269 11,460 809 7.1% Total revenue 172,199 176,268 (4,069) -2.3% 664,451 686,695 (22,244) -3.2%

Expenses: Recoverable expenses - operating (35,282) (34,114) (1,168) -3.4% (132,062) (127,309) (4,753) -3.7% Recoverable expenses - real estate taxes (21,418) (21,238) (180) -0.8% (83,713) (86,624) 2,911 3.4% Ground rent (1,239) (1,149) (90) -7.8% (4,907) (4,537) (370) -8.2% Total operating expenses (57,939) (56,501) (1,438) -2.5% (220,682) (218,470) (2,212) -1.0%

Comp NOI - Excluding Tier 2 and Noncore properties $ 114,260 $ 119,767 $ (5,507) -4.6% $ 443,769 $ 468,225 $ (24,456) -5.2%

Comp NOI - Tier 1 enclosed retail properties $ 82,035 $ 89,118 $ (7,083) -7.9% $ 311,923 $ 339,044 $ (27,121) -8.0% Comp NOI - Open Air properties $ 32,225 $ 30,649 $ 1,576 5.1% $ 131,846 $ 129,181 $ 2,665 2.1%

SUPPLEMENTAL INFORMATION | 6 SUMMARY OF DEBT ` Washington Prime Group Inc. (dollars in thousands)

Total Debt, Total Debt, Including WPG Including WPG Share of Share of Total Debt Unconsolidated Total Debt Unconsolidated Mortgage Weighted Weighted Weighted as of Entities as of as of Entities as of Schedule of Debt Avg. Unsecured Avg. Interest Total Debt Avg. Interest 12/31/2019 12/31/2019 12/31/2018 12/31/2018 Maturities by Year (1) Maturities Interest Rate Maturities Rate Maturities Rate

Consolidated debt: Total debt, including WPG share of unconsolidated entities but excluding other indebtedness: Mortgage debt Fixed $ 1,052,242 $ 1,052,242 $ 915,276 $ 915,276 2020 $ 79,955 5.7% $ 250,000 3.9% $ 329,955 4.3% Variable 65,000 65,000 65,000 65,000 2021 305,380 4.6% - 305,380 4.6% Debt issuance costs (5,097) (5,097) (2,771) (2,771) 2022 129,579 4.4% 557,000 4.2% 686,579 4.2% Fair value debt adjustments 3,463 3,463 5,764 5,764 2023 62,585 4.6% 340,000 4.1% 402,585 4.1% Total mortgage debt 1,115,608 1,115,608 983,269 983,269 2024 286,942 4.7% 720,900 6.5% 1,007,842 6.0% 2025 367,872 3.9% - 367,872 3.9% Unsecured debt 2026 12,339 4.3% - 12,339 4.3% Credit facility 207,000 207,000 290,000 290,000 2027 193,227 4.3% - 193,227 4.3% Term loans 690,000 690,000 690,000 690,000 2028 - 0.0% - - 0.0% Bonds payable 970,900 970,900 1,000,000 1,000,000 2029 295,526 4.4% - 295,526 4.4% Debt issuance costs & discounts (19,547) (19,547) (25,792) (25,792) 2030 - 0.0% - - 0.0% Total unsecured debt 1,848,353 1,848,353 1,954,208 1,954,208 Thereafter 1,912 4.7% - 1,912 4.7% Fair value,debt issuance Total mortgage and unsecured debt 2,963,961 2,963,961 2,937,477 2,937,477 cost, and debt discount adjustments 134 (19,547) (19,413) Other indebtedness, net of issuance costs (2) 97,601 97,601 - - Total debt $ 1,735,451 4.4% $ 1,848,353 5.0% $ 3,583,804 4.8% Total consolidated debt $ 3,061,562 $ 3,061,562 $ 2,937,477 $ 2,937,477

Unconsolidated debt: (1) Includes extension options Mortgage loans payable $ 1,278,946 $ 618,075 $ 1,287,229 $ 624,964 Debt issuance costs (4,432) (2,206) (4,962) (2,451) Mortgage Weighted Weighted Weighted Fair value debt adjustments 7,793 3,974 10,534 5,372 Schedule of Debt Avg. Unsecured Avg. Interest Total Debt Avg. Interest Total unconsolidated debt $ 1,282,307 $ 619,843 $ 1,292,801 $ 627,885 Maturities by Year (1) Maturities Interest Rate Maturities Rate Maturities Rate Total consolidated debt excluding other indebtedness: Total debt: $ 4,343,869 $ 3,681,405 $ 4,230,278 $ 3,565,362 2020 $ 79,955 5.7% $ 250,000 3.9% $ 329,955 4.3% (2) The Company has a seller financing receivable of $55 million with Mall Ground Portfolio, LLC that offsets the $97.6 2021 269,120 4.5% - 269,120 4.5% million indebtedness for a total of $42.6 million. 2022 129,579 4.4% 557,000 4.2% 686,579 4.2% % of Weighted 56,120 340,000 396,120 Total Debt Our Share of Avg. Weighted 2023 4.7% 4.1% 4.1% as of Total Debt Interest Avg. Years 2024 286,942 4.7% 720,900 6.5% 1,007,842 6.0% 12/31/19 as of 12/31/19 Rate to Maturity 2025 - - Consolidated debt excluding other indebtedness: 2026 - - Fixed 88% $ 2,598,174 5.0% 3.9 2027 - - Variable 12% 365,787 3.8% 2.8 2028 - - Total Consolidated (3) 100% $ 2,963,961 4.9% 3.7 2029 295,526 4.4% 295,526 4.4% 2030 - - Unconsolidated debt: Thereafter - - Fair value,debt issuance cost, and debt discount Fixed 99% $ 613,378 4.1% 5.7 adjustments (1,634) (19,547) (21,181) Variable 1% 6,465 4.3% 3.0 Total debt $ 1,115,608 4.6% $ 1,848,353 5.0% $ 2,963,961 4.9% Total Unconsolidated 100% $ 619,843 4.1% 5.7 (1) Includes extension options Total debt: Fixed 90% $ 3,211,552 4.9% 4.2 Variable 10% 372,252 3.8% 2.8 Total debt 100% $ 3,583,804 4.8% 4.1

(3) Excluded is other indebtedness of $97,601 with a weigted average interest rate of 8.7% and weighted average years to maturity of approximately 30 years.

SUPPLEMENTAL INFORMATION | 7 EBITDAre AND KEY BALANCE SHEET METRICS Washington Prime Group Inc. (dollars in thousands)

Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Calculation of EBITDAre: Net income $ 23,868 $ 68,836 $ 2,760 $ 108,655 Interest expense, net 38,576 36,360 153,382 141,987 Income and other taxes 831 673 1,296 1,532 Depreciation and amortization 62,178 61,696 271,320 257,796 Gain on disposition of interests in properties, net (4,726) (1,598) (8,670) (3,353) Impairment loss 6,320 - 35,256 - Pro-rata share of unconsolidated entities, net 17,360 17,457 72,634 72,501 EBITDAre (1)(2) 144,407 183,424 527,978 579,118 Gain on extinguishment of debt, net (24,747) (51,395) (63,660) (51,395) Adjusted EBITDAre $ 119,660 $ 132,029 $ 464,318 $ 527,723

As of December 31, 2019 Bond Covenant Key Balance Sheet Metrics: Requirement (3) Ratio Total indebtedness to Total assets ≤ 60% 56.9% Secured indebtedness to Total assets ≤ 40% 21.8% Consolidated EBITDA / Annual service charge ≥ 1.5x 2.43x Total unencumbered assets / Total unsecured indebtedness > 150% 190%

(1) EBITDAre is calculated consistent with the NAREIT definition. (2) EBITDAre includes the expensing of internal leasing costs of $3,724 and $768 for the quarter ended December 31, 2019 and 2018, respectively and $16,321 and $3,106 for the twelve months ended December 31, 2019 and 2018, respectively. (3) The covenants detailed are from the August 2017 Bond Offering.

SUPPLEMENTAL INFORMATION | 8 KEY GUIDANCE ASSUMPTIONS Washington Prime Group Inc. 2020 Guidance

Fiscal Year 2020 Guidance Earnings Expectations: FFO per share, as adjusted - diluted (1) $0.99 to $1.07 FFO per share, as adjusted - diluted - first quarter $0.20 to $0.24

Underlying Assumptions to 2020 Guidance (1): Comparable NOI growth for Tier 1 and Open Air (Core) properties- fiscal year 2020 (2) (3) approximately 0.5% to 1.5% Corporate overhead and general and administrative expenses (excluded from property NOI) $70-$74 million Non-cash adjustments for purchase accounting and straight line rents (3) $10-$12 million Fee income and lease termination fees $13-$16 million Interest expense $153-$155 million Assumed property sales 2 (Matteson Plaza/ Dekalb) Assumed joint venture transactions None Assumed acquisition None Assumed lender transitions (guidance excludes any related gain from debt extinguishment) 1 to 3 properties Gain from sale of outparcels (primarily relates to Four Corners transactions) $10 to $14 million Redevelopment spend (3) $90 to $110 million Recurring capital expenditures and deferred leasing costs $65 to $75 million Distributions per common share and units $0.125 per diluted share quarterly

(1) Guidance excludes gains from debt extinguishment. (2) Excludes NOI of approximately $30 to $34 million related to Tier 2 and noncore properties. (3) Includes pro-rata share of joint venture properties

SUPPLEMENTAL INFORMATION | 9 OPERATING METRICS Washington Prime Group Inc. As of December 31, 2019

PORTFOLIO SUMMARY

Releasing Spreads Store Sales % of Total Trailing Per Square Foot for Store Comp NOI NOI Growth Twelve Property Leased Occupancy % (1) 12 Months Ended (1) Occupancy Cost % (1) for 12 Months for 3 Months Months Count 12/31/19 12/31/18 12/31/19 12/31/18 12/31/19 12/31/18 Ended 12/31/19 Ended 12/31/19 Ended 2019

Open Air Properties 49 95.7% 95.5% 27.3% 5.1% 6.1% Tier 1 Enclosed Retail Properties 42 91.4% 94.0% $ 413 $ 397 11.2% 11.8% 65.6% -7.9% -5.8% Tier 1 and Open Air 91 93.4% 94.7% 92.9% -4.6% -3.2%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1 TIER 2 / NONCORE Arbor Hills Mesa Mall TIER 2 Arboretum, The Morgantown Mall Anderson Mall Ashland Town Center Northtown Mall Boynton Beach Mall Bowie Town Center Northwoods Mall Chautauqua Mall Brunswick Square Oklahoma City Properties Indian Mound Mall Clay Terrace Orange Park Mall Lima Mall Cottonwood Mall Paddock Mall Maplewood Mall Dayton Mall Pearlridge Center New Towne Mall Edison Mall Polaris Fashion Place Oak Court Mall Grand Central Mall Port Charlotte Town Center Rolling Oaks Mall Great Lakes Mall Scottsdale Quarter Sunland Park Mall Irving Mall Southern Hills Mall Jefferson Valley Mall Southern Park Mall NONCORE Lincolnwood Town Center Southgate Mall Charlottesville Fashion Square Lindale Mall The Outlet Collection | Seattle Muncie Mall Longview Mall Town Center at Aurora Seminole Towne Center Malibu Lumber Yard Town Center Crossing & Plaza Mall at Fairfield Commons, The Waterford Lakes Town Center Mall at Johnson City, The Weberstown Mall Markland Mall Westminster Mall (2) Melbourne Square WestShore Plaza

(1) Metrics include properties owned and managed as of December 31, 2019, and exclude Tier 2 and Noncore properties. (2) Due to major planned redevelopment, Westminster Mall will be reclassed from Tier 1 in 2020 until stabilized.

SUPPLEMENTAL INFORMATION | 10 LEASING RESULTS AND BASE RENT PSF Washington Prime Group Inc. Year-to-date through December 31, 2019

Leasing Results- Comparable Properties No Exclusions

2019 Year-to-Date Change from Prior YTD New Renewal Total Total # of Deals Sqft # of Deals Sqft # of Deals Sqft # of Deals Sqft Tier 1 Enclosed Retail Properties 185 1,063,909 563 1,768,744 748 2,832,653 9% -3% Open Air Properties 61 534,323 112 470,827 173 1,005,150 12% 44% Total Tier 1 and Open Air 246 1,598,232 675 2,239,571 921 3,837,803 9% 6%

Tier 2 and Noncore Properties 28 92,948 149 507,794 177 600,742 21% 2%

Grand Total 274 1,691,180 824 2,747,365 1,098 4,438,545 11% 6%

Leasing Results Small Shop Deals for Enclosed Properties; Anchor and Small Shop Deals for Open Air

Number Square Feet Base Rent PSF Average Term Tenant Allow.$(000)s Tenant Allow. PSF of Leases New Renewal Total New Renewal Total New Renewal Total New Renewal New Renewal Tier 1 Enclosed Retail Properties 515 415,910 924,303 1,340,213 $ 29.23 $ 36.11 $ 33.97 6.8 3.8 4.7 $19,782 $ 7,259 $ 47.56 $ 7.85 Open Air Properties 152 534,323 410,312 944,635 $ 13.28 $ 22.89 $ 17.46 8.2 5.3 6.4 $10,303 $ 4,421 $ 19.28 $ 10.77 Total Tier 1 and Open Air 667 950,233 1,334,615 2,284,848 $ 20.26 $ 32.05 $ 27.14 7.2 4.1 5.1 $30,085 $ 11,680 $ 31.66 $ 8.75

Tier 2 and Noncore Properties 110 52,863 205,614 258,477 $ 23.69 $ 24.65 $ 24.45 5.3 3.2 3.6 $ 295 $ 62 $ 5.58 $ 0.30

Total 777 1,003,096 1,540,229 2,543,325 $ 20.44 $ 31.06 $ 26.87 7.0 3.9 4.9 $ 30,380 $ 11,742 $ 30.29 $ 7.62

Note: The table above includes leasing results for enclosed properties for stores of 10,000 SF or less, also anchors and office leases are excluded. For open air properties, office leases are excluded. Only new leases and renewals with terms in excess of 12 months are included. These results include properties owned and managed at December 31, 2019.

Average Base Rent PSF

Base Minimum Rent PSF As of December 31, 2019 2018 Tier 1 Enclosed Retail Properties $28.71 $29.48 Open Air Properties $13.83 $13.81 Total Tier 1 and Open Air Properties $21.52 $22.04

SUPPLEMENTAL INFORMATION | 11 RELEASING SPREADS Washington Prime Group Inc. For the trailing 12 months ended December 31, 2019

Re-leasing Spread Square Footage of New Prior Rate Signings Rate PSF PSF $ %

Open Air Properties:

New 287,042 $ 16.12 $ 14.43 $ 1.69 11.7% Renewal 376,194 $ 26.17 $ 25.23 $ 0.94 3.7% All Deals 663,236 $ 21.82 $ 20.56 $ 1.26 6.1%

Tier 1 Enclosed Retail Properties:

New 212,449 $ 36.35 $ 37.69 $ (1.34) -3.6% Renewal 888,093 $ 42.95 $ 45.83 $ (2.88) -6.3% All Deals 1,100,542 $ 41.68 $ 44.26 $ (2.58) -5.8%

Total Open Air and Tier 1 Properties:

New 499,491 $ 24.72 $ 24.32 $ 0.40 1.6% Renewal 1,264,287 $ 37.96 $ 39.70 $ (1.74) -4.4% All Deals 1,763,778 $ 34.21 $ 35.35 $ (1.14) -3.2%

Note: The Company's Tier 2 and noncore properties are excluded from these metrics.

SUPPLEMENTAL INFORMATION | 12 TOP 10 TENANTS Washington Prime Group Inc. As of December 31, 2019

Non-Anchor Stores (Ranked by Percent of Total Minimum Rents)

Percent of Percent of Total Number GLA of Total GLA in Annualized Base National Tenant Name Tenant DBA's in Portfolio of Stores Stores Portfolio Minimum Rent

Body by Pagoda, Gordon's Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Morgan, Piercing Pagoda, Plumb Gold, Rogers Jewelers, Silver and Gold Connection, Totally Signet Jewelers, Ltd. Pagoda, Zales Jewelers 123 165,947 0.3% 2.6%

L Brands, Inc. Bath & Body Works, Pink, Victoria's Secret, White Barn Candle 112 583,897 1.0% 2.6% Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker, Inc. Footlocker 79 340,692 0.6% 1.8%

American Eagle Outfitters, Inc. aerie, American Eagle 45 252,973 0.5% 1.2% Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, The Gap, Inc. Gap Outlet, Intermix, Janie and Jack, Old Navy 33 342,347 0.6% 1.2%

Ascena Retail Group Inc. Ann Taylor, Catherine's, Dress Barn, Justice, Lane Bryant, Loft 84 412,216 0.7% 1.1% Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Luxottica Group Station 69 185,107 0.3% 1.1% Arby's, Auntie Anne's, Buffalo Wild Wings, Cinnabon, Corner Bakery, Drybar, Fitness Connection, Hardee's, Jamba Juice, Jimmy John's, Massage Envy, McAlister's Deli, Miller's Ale House, Moe's Southwest Roark Capital Group Grill, Sonic, Waxing the City 90 158,067 0.3% 1.0% Ulta Salon, Cosmetics & Fragrance, Inc. Ulta Beauty 24 254,205 0.5% 1.0% The Finish Line, Inc. Finish Line, JD Sports 34 199,396 0.4% 1.0%

Anchor Stores (Ranked by Total GLA)

Percent of Percent of Total Number of Number GLA of Total GLA in Annualized Base WPG Owned National Tenant Name Tenant DBA's in Portfolio of Stores Stores Portfolio Minimum Rent Stores

JCPenney Company, Inc. JCPenney 36 4,589,660 8.2% 1.1% 19 Macy's, Inc. Macy's 26 4,579,870 8.2% 0.3% 5 Dillard's, Inc. Dillard's 22 2,958,834 5.3% 0.1% 2 Target Corporation Target, Super Target 10 1,419,100 2.5% 0.0% 1 Sears Holding Corporation (1) Sears 8 1,286,331 2.3% 0.3% 3 Kohl's Corporation Kohl's 13 1,186,302 2.1% 0.9% 10 Dick's Sporting Goods, Inc. Dick's Sporting Goods, Field & Stream, Golf Galaxy 17 1,020,114 1.8% 2.1% 15 Belk, Inc. Belk, Belk for Her, Belk Home Store 11 879,058 1.6% 0.3% 7 Best Buy Co. Inc. Best Buy 16 708,102 1.3% 1.5% 15 Wal-Mart Stores, Inc. Wal-Mart 4 618,061 1.1% 0.0% 0

(1) Of the 8 stores that remained open at December 31, 2019, one is owned by Seritage Properties. Note: Schedule above includes properties owned and managed at December 31, 2019.

SUPPLEMENTAL INFORMATION | 13 LEASE EXPIRATIONS (1) Washington Prime Group Inc. As of December 31, 2019

Enclosed Retail Properties

Anchor Anchor % of Annualized Number of Square Feet Store Square Total Square Annualized Store Annualized Base Rents Leases of GLA Feet of GLA Feet of GLA Base Rents Base Rents PSF Represented by Expiring Expiring Expiring Expiring PSF Expiring Expiring Expiring Leases Year Month To Month Leases 131 284,166 317,339 601,505 $ 1.27 $ 27.76 1.5% 2020 557 594,238 1,636,753 2,230,991 $ 5.60 $ 27.73 8.1% 2021 683 1,148,470 2,126,406 3,274,876 $ 5.46 $ 27.24 10.9% 2022 580 898,117 1,797,917 2,696,034 $ 7.21 $ 28.40 9.9% 2023 455 1,235,469 1,476,136 2,711,605 $ 8.99 $ 30.28 9.5% 2024 339 739,997 1,137,201 1,877,198 $ 6.45 $ 30.01 6.8% 2025 235 1,523,047 1,061,694 2,584,741 $ 8.13 $ 27.20 7.2% 2026 195 197,974 1,088,254 1,286,228 $ 7.91 $ 28.86 5.4% 2027 173 429,380 795,056 1,224,436 $ 7.98 $ 29.62 4.3% 2028 134 251,005 585,491 836,496 $ 14.03 $ 28.02 3.5% 2029 104 595,520 457,070 1,052,590 $ 6.64 $ 31.33 3.2% 2030 and Thereafter 58 593,193 369,232 962,425 $ 11.92 $ 22.25 2.5% Specialty Leasing Agreements w/ terms in excess of 11 months 771 - 1,828,052 1,828,052 $ - $ 12.22 3.9%

Open Air Properties

Anchor Anchor % of Annualized Number of Square Feet Store Square Total Square Annualized Store Annualized Base Rents Leases of GLA Feet of GLA Feet of GLA Base Rents Base Rents PSF Represented by Expiring Expiring Expiring Expiring PSF Expiring Expiring Expiring Leases Year Month To Month Leases 24 - 72,438 72,438 $ - $ 19.15 0.3% 2020 121 413,096 363,822 776,918 $ 8.08 $ 20.73 2.0% 2021 164 1,166,459 461,576 1,628,035 $ 9.03 $ 19.31 3.5% 2022 160 853,217 487,184 1,340,401 $ 10.64 $ 18.88 3.2% 2023 155 1,080,476 482,208 1,562,684 $ 10.63 $ 19.86 3.8% 2024 113 779,655 333,779 1,113,434 $ 9.64 $ 21.41 2.6% 2025 78 652,975 175,017 827,992 $ 12.02 $ 24.38 2.2% 2026 58 291,053 188,959 480,012 $ 13.02 $ 24.51 1.5% 2027 61 380,018 192,555 572,573 $ 10.52 $ 22.43 1.5% 2028 29 167,771 95,888 263,659 $ 15.42 $ 19.85 0.8% 2029 45 119,030 210,109 329,139 $ 15.31 $ 22.01 1.2% 2030 and Thereafter 10 191,507 39,163 230,670 $ 10.55 $ 15.51 0.7% Specialty Leasing Agreements w/ terms in excess of 11 months 8 - 28,283 28,283 $ - $ 6.81 0.0%

(1) Does not consider the impact of renewal options that may be contained in leases, and this only considers landlord owned GLA. Schedule includes leases for properties owned and managed at December 31, 2019.

SUPPLEMENTAL INFORMATION | 14 CAPITAL EXPENDITURES Washington Prime Group Inc. (dollars in thousands)

Consolidated Unconsolidated Total Consolidated Unconsolidated Total Three Months Joint Venture Three Months Three Months Joint Venture Three Months Ended Proportionate Ended Ended Proportionate Ended December 31, 2019 Share December 31, 2019 December 31, 2018 Share December 31, 2018

New Developments $ - $ - $ - $ 333 $ - $ 333 Redevelopments, Renovations, and Expansions $ 31,625 $ 5,526 $ 37,151 $ 15,555 $ 3,223 $ 18,778 Internal Leasing Costs $ 1,292 $ 446 $ 1,738 $ 4,674 $ 300 $ 4,974

Property Capital Expenditures: Non-anchor stores tenant improvements and allowances $ 6,330 $ 1,530 $ 7,860 $ 7,328 $ 1,412 $ 8,740 Operational capital expenditures 12,715 1,392 14,107 14,173 729 14,902 Total Property Capital Expenditures $ 19,045 $ 2,922 $ 21,967 $ 21,501 $ 2,141 $ 23,642

Consolidated Unconsolidated Total Consolidated Unconsolidated Total Twelve Months Joint Venture Twelve Months Twelve Months Joint Venture Twelve Months Ended Proportionate Ended Ended Proportionate Ended December 31, 2019 Share December 31, 2019 December 31, 2018 Share December 31, 2018

New Developments $ - $ - $ - $ 1,435 $ - $ 1,435 Redevelopments, Renovations, and Expansions (1) $ 87,058 $ 15,507 $ 102,565 $ 95,440 $ 20,089 $ 115,529 Internal Leasing Costs $ 2,516 $ 1,395 $ 3,911 $ 17,658 $ 1,211 $ 18,869

Property Capital Expenditures: Non-anchor stores tenant improvements and allowances $ 26,089 $ 5,354 $ 31,443 $ 23,464 $ 5,867 $ 29,331 Operational capital expenditures 33,500 3,178 36,678 37,052 2,050 39,102 Total Property Capital Expenditures $ 59,589 $ 8,532 $ 68,121 $ 60,516 $ 7,917 $ 68,433

(1) The twelve months ended 2018 includes the acquisition, through a sale-leaseback, of four Sears department stores.

SUPPLEMENTAL INFORMATION | 15 REDEVELOPMENT PROJECTS Washington Prime Group Inc. As of December 31, 2019 (dollars in thousands)

Projects under construction or approved for construction with an estimated investment of $5 million or more Estimated WPG Costs Ownership Estimated Project Yield Incurred Estimated Property Name City St Opportunity % Total Costs (1)(3) (1) (2) to Date (3) Completion (1)

Fairfield Town Center Houston TX Final phase of development to add 130,000 SF to add a 100% $26,000 - $30,000 7% - 8% $ 4,516 2020 theater, value fashion apparel as well as big box and small shop stores.

Grand Central Mall Parkersburg WV Replaced Elder-Beerman with H&M, replaced Toys R Us with 100% $31,000 - $33,000 6% - 8% $ 14,333 2019/ 2020 Big Lots, replaced hhgregg with Ulta and Five Below, planned replacement of former Sears with Home Goods, PetSmart, Ross Dress for Less, and TJ Maxx

Mesa Mall Grand Junction CO Dillard's will build new store to replace former Sears. Costs 100% $6,000 - $7,000 n/a (5) $ 3,393 2020 reflect demolition of building and parking lot and delivery of new pad and utilities as well as landscaped and upgraded parking field to Dillard's.

Mall at Johnson City Johnson City TN Replace former Sears with retail development anchored by 51% $7,000 - $8,000 (4) 5% - 6% $ 8 (4) 2020 Home Goods. Replace former Sears auto center with multi- tenant building for new restaurants.

Morgantown Mall Morgantown WV Replace former Belk store with a new value retailer and a 100% $8,000 - $9,000 7% - 9% $ 73 2020 new entertainment tenant

Outlet Collection | Seattle Seattle WA Replace former Sam's Club with FieldhouseUSA, a 100% $11,000 - $13,000 9% - 10% $ 2,410 2020 community based multi-purpose indoor sports facility specializing in leagues, events and tournaments.

Polaris Fashion Place Columbus OH Replace former Sears with FieldhouseUSA and mixed use 51% $12,000 - $14,000 (4) 4% - 5% $ 252 (4) 2020/ 2021 component including hospitality

Southern Park Mall Youngstown OH Replace former Sears with new entertainment, dining, retail, 100% $19,000 - $21,000 (6) 8% - 9% $ 3,607 2020 and community green space

Town Center at Aurora Aurora CO Replace former Sears with FieldhouseUSA and mixed use 100% $21,000 - $23,000 5% - 6% $ 87 2020/ 2021 component including hospitality

(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process. (2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment other than near-term renewals, although each project does benefit other aspects of the property. The incremental yield does not consider prior rent paid by bankrupt tenants and does include the impact of co-tenancy cures as applicable. (3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes. (4) Amounts shown represent 51% of the project spend. (5) Dillard's will construct and own the building and provide a 10-year operating covenant. (6) Does not include unallocated portions of the planned interior renovation. Estimated Costs are shown net of the approved public incentives package.

SUPPLEMENTAL INFORMATION | 16 DEPARTMENT STORE REPOSITIONING STATUS Washington Prime Group Inc. Plans as of December 31, 2019

Count Property City Former Department Store Owner Closing Date Planned Replacement Status Department Stores formerly occupied by Sears / BonTon / Belk - December 31, 2019 Department Stores Addressed Home Goods, PetSmart, Ross 1 Grand Central Mall Parkersburg, WV Sears Lease Dec-18 Dress for Less, and TJ Maxx Leases executed, Under construction 2 Lincolnwood Town Center Lincolnwood, IL Carsons Pirie Scott Lease Aug-18 RoomPlace RoomPlace opened August 2019 Proactive termination, Letters of Intent 3 Longview Mall Longview, TX Sears Lease Jan-19 Big Box retail (LOI) finalized Morris Home under construction/ 4 Mall at Fairfield Commons Dayton, OH Sears Lease Dec-18 Morris Home Furniture / Round1 Round1 opened Q419 5 Mall at Johnson City Johnson City, TN Sears Lease 2020 Home Goods/ Other/ Dining Home Goods lease executed 6 Markland Mall Kokomo, IN Carsons Pirie Scott Lease Aug-18 Retail concept Lease out for signature 7 Mesa Mall Grand Junction, CO Sears Lease Nov-18 Dillard's LOI executed 8 Mesa Mall Grand Junction, CO Herberger's Lease Aug-18 National sporting goods retailer LOI received 9 Morgantown Mall Morgantown, WV Belk Lease Mar-18 Retail concepts Leases out for signature 10 Morgantown Mall Morgantown, WV Elder-Beerman Lease Aug-18 Dunham's Sports Lease executed 11 Morgantown Mall Morgantown, WV Sears Lease Jan-19 Outdoor greenspace Plans finalized

12 Polaris Fashion Place Columbus, OH Sears Lease Mar-19 FieldhouseUSA / Mixed Use Proactive termination, Lease executed 13 Port Charlotte Town Center Port Charlotte, FL Sears Lease Mar-19 Entertainment Lease out for signature

14 Southern Hills Mall Sioux City, IA Sears Lease Mar-19 Retail concepts Proactive termination, LOI received Entertainment / Outdoor Proactive termination, Under 15 Southern Park Mall Youngstown, OH Sears Lease Jul-18 greenspace construction 16 Southgate Mall Missoula, MT Herberger's Lease Aug-18 Dillard's Dillard's opened June 2019

17 Town Center at Aurora Aurora, CO Sears Lease Dec-19 FieldhouseUSA / Mixed use Proactive termination, Lease executed Proactive termination, Obtaining 18 WestShore Plaza Tampa, FL Sears Lease Mar-19 Mixed use Entitlements

Active Planning / Evaluating Options 19 Cottonwood Mall Albuquerque, NM Sears Sears Aug-18 Sears owns box Evaluating Options Formerly owned by 20 Dayton Mall Dayton, OH Elder-Beerman Third Party Aug-18 Purchased from third party in Q419 Active Planning 21 Lindale Mall Cedar Rapids, IA Younkers Lease Aug-18 Retail concepts Active Planning 22 Mall at Fairfield Commons Dayton, OH Elder-Beerman Lease Aug-18 Retail concepts Active Planning 23 Northtown Mall Blaine, MN Herberger's Lease Aug-18 Theater/ Other Active Planning 24 Southern Hills Mall Sioux City, IA Younkers Lease Aug-18 Retail concepts Active Planning 25 Southgate Mall Missoula, MT Herberger's Men Lease Aug-18 Dining Active Planning

Stores Occupied by Sears as of December 31, 2019 26 Northwoods Mall Peoria, IL Sears Sears Sears owns box Active Planning 27 Orange Park Mall Orange Park, FL Sears Sears Sears owns box Evaluating Options 28 Pearlridge Center Aiea, HI Sears Lease Entertainment / Dining Evaluating Options 29 Weberstown Mall Stocktown, CA Sears Ground lease Mixed use Active Planning 30 Whitehall Mall Whitehall, PA Sears Lease Big box and small shop retail Active Planning

Note that the Company plans to spend up to $300M over the next three to four years to redevelop these 30 department store locations. This report is for the Company's Tier 1 and Open Air properties and excludes those owned by third parties such as Seritage properties.

SUPPLEMENTAL INFORMATION | 17 PROPERTY INFORMATION Washington Prime Group Inc. As of December 31, 2019

Debt Information Indebtedness Total Total Total Financial Center WPG Owned Tenant Owned Maturity Interest WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet Square Feet Square Feet Date (2) Rate Type Total Share Enclosed Retail Properties Anderson Mall SC Anderson 100% 670,742 315,553 355,189 12/01/22 4.61% Fixed $ 17,307 $ 17,307 Arbor Hills MI Ann Arbor 51% 86,939 86,939 0 01/01/26 4.27% Fixed $ 24,195 $ 12,339 Arboretum, The TX Austin 51% 195,338 195,338 0 06/01/27 4.13% Fixed $ 59,400 $ 30,294 Ashland Town Center KY Ashland 100% 434,525 331,135 103,390 07/06/21 4.90% Fixed $ 35,954 $ 35,954 Bowie Town Center MD Bowie (Wash, D.C.) 100% 571,243 269,945 301,298 Boynton Beach Mall FL Boynton Beach (Miami) 100% 869,936 428,582 441,354 Brunswick Square NJ East Brunswick (New York) 100% 764,564 293,268 471,296 03/01/24 4.80% Fixed $ 69,737 $ 69,737 Charlottesville Fashion Square (4) VA Charlottesville 100% 578,206 354,502 223,704 04/01/24 4.54% Fixed $ 45,146 $ 45,146 Chautauqua Mall NY Lakewood 100% 435,415 427,885 7,530 Chesapeake Square Theater VA Chesapeake (VA Beach) 100% 42,248 42,248 0 Clay Terrace IN Carmel (Indianapolis) 100% 577,614 558,738 18,876 Cottonwood Mall NM Albuquerque 100% 1,048,428 568,199 480,229 04/06/24 4.82% Fixed $ 95,283 $ 95,283 Dayton Mall OH Dayton 100% 1,447,659 775,878 671,781 09/01/22 4.57% Fixed $ 79,092 $ 79,092 Edison Mall (5) FL Fort Myers 100% 1,049,982 567,689 482,293 Grand Central Mall WV Parkersburg 100% 646,741 640,233 6,508 07/06/20 6.05% Fixed $ 38,748 $ 38,748 Great Lakes Mall (5) OH Mentor (Cleveland) 100% 1,245,010 653,323 591,687 Indian Mound Mall OH Newark 100% 556,779 384,118 172,661 Irving Mall (5) TX Irving (Dallas) 100% 1,051,952 488,407 563,545 Jefferson Valley Mall (5) NY Yorktown Heights (New York) 100% 583,037 417,345 165,692 Lima Mall OH Lima 100% 745,042 545,220 199,822 Lincolnwood Town Center IL Lincolnwood (Chicago) 100% 422,997 422,996 1 04/01/21 4.26% Fixed $ 47,524 $ 47,524 Lindale Mall IA Cedar Rapids 100% 713,708 477,016 236,692 Longview Mall TX Longview 100% 646,518 347,721 298,797 Malibu Lumber Yard CA Malibu 51% 31,514 31,514 0 Mall at Fairfield Commons, The OH Beavercreek 100% 1,037,943 857,162 180,781 Mall at Johnson City, The TN Johnson City 51% 567,892 567,892 0 05/06/25 6.76% Fixed $ 48,097 $ 24,529 Maplewood Mall MN St. Paul (Minneapolis) 100% 903,985 323,229 580,756 Markland Mall IN Kokomo 100% 390,022 367,777 22,245 Melbourne Square FL Melbourne 100% 716,993 420,383 296,610 Mesa Mall CO Grand Junction 100% 803,762 431,741 372,021 Morgantown Mall WV Morgantown 100% 555,350 555,350 0 Muncie Mall (4) IN Muncie 100% 637,795 387,995 249,800 04/01/21 4.19% Fixed $ 33,132 $ 33,132 New Towne Mall OH New Philadelphia 100% 505,029 505,029 0 Northtown Mall MN Blaine 100% 644,535 644,535 0 Northwoods Mall IL Peoria 100% 669,759 360,767 308,992 Oak Court Mall TN Memphis 100% 847,427 361,610 485,817 04/01/21 4.76% Fixed $ 36,260 $ 36,260 Oklahoma City Properties OK Oklahoma City 51% 316,873 314,627 2,246 06/01/27 3.90% Fixed $ 52,779 $ 26,917 01/01/23 4.26% Variable $ 12,676 $ 6,465 Orange Park Mall FL Orange Park (Jacksonville) 100% 952,346 555,166 397,180 Outlet Collection | Seattle, The WA Seattle 100% 924,304 924,304 0 Paddock Mall FL Ocala 100% 555,310 324,753 230,557 Pearlridge Center HI Aiea 51% 1,302,419 1,249,142 53,277 06/01/25 3.53% Fixed $ 225,000 $ 114,750 05/01/25 4.07% Fixed $ 42,722 $ 21,788 Polaris Fashion Place OH Columbus 51% 1,372,972 735,457 637,515 03/01/25 3.90% Fixed $ 225,000 $ 114,750 03/01/25 4.46% Fixed $ 15,500 $ 7,905 Port Charlotte Town Center (3) FL Port Charlotte 100% 777,532 493,323 284,209 11/01/20 5.30% Fixed $ 41,207 $ 41,207 Rolling Oaks Mall TX San Antonio 100% 883,096 286,788 596,308

SUPPLEMENTAL INFORMATION | 18 PROPERTY INFORMATION Washington Prime Group Inc. As of December 31, 2019

Debt Information Indebtedness Total Total Total Financial Center WPG Owned Tenant Owned Maturity Interest WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet Square Feet Square Feet Date (2) Rate Type Total Share Enclosed Retail Properties Scottsdale Quarter AZ Scottsdale 51% 736,931 736,931 0 06/01/25 3.53% Fixed $ 165,000 $ 84,150 04/01/27 4.36% Fixed $ 55,000 $ 28,050 Seminole Towne Center (4) FL Sanford (Orlando) 0% 1,109,751 596,460 513,291 05/06/21 5.97% Fixed $ 52,514 $ - Southern Hills Mall IA Sioux City 100% 774,024 669,435 104,589 Southern Park Mall OH Youngstown 100% 1,168,834 981,270 187,564 Southgate Mall MT Missoula 100% 578,283 435,750 142,533 09/27/23 4.48% Fixed $ 35,000 $ 35,000 Sunland Park Mall TX El Paso 100% 918,475 332,638 585,837 Town Center at Aurora CO Aurora (Denver) 100% 1,081,541 495,043 586,498 04/01/21 4.92% Fixed $ 51,250 $ 51,250 Town Center Crossing & Plaza KS Leawood 51% 670,622 534,061 136,561 02/01/27 4.25% Fixed $ 32,818 $ 16,737 02/01/27 5.00% Fixed $ 66,381 $ 33,854 Waterford Lakes Town Center FL Orlando 100% 967,212 692,712 274,500 05/06/29 4.86% Fixed $ 178,526 $ 178,526 Weberstown Mall CA Stockton 100% 846,915 263,245 583,670 06/08/21 4.06% Variable $ 65,000 $ 65,000 Westminster Mall CA Westminster (Los Angeles) 100% 1,216,695 444,003 772,692 04/01/24 4.65% Fixed $ 76,776 $ 76,776 WestShore Plaza FL Tampa 100% 1,093,693 865,231 228,462 Enclosed Retail Properties Total 41,944,457 27,337,601 14,606,856 $ 2,023,024 $ 1,468,470

Open Air Properties Bloomingdale Court IL Bloomingdale (Chicago) 100% 675,988 385,543 290,445 Bowie Town Center Strip MD Bowie (Wash, D.C.) 100% 106,636 40,974 65,662 Canyon View Marketplace CO Grand Junction 100% 199,815 43,053 156,762 11/06/23 5.47% Fixed $ 5,120 $ 5,120 Chesapeake Center VA Chesapeake (Virginia Beach) 100% 279,581 128,972 150,609 Concord Mills Marketplace NC Concord (Charlotte) 100% 240,720 226,907 13,813 11/01/23 4.82% Fixed $ 16,000 $ 16,000 Countryside Plaza IL Countryside (Chicago) 100% 403,455 203,994 199,461 Dare Centre NC Kill Devil Hills 100% 168,613 109,094 59,519 DeKalb Plaza PA King of Prussia (Philadelphia) 100% 101,915 44,095 57,820 Empire East SD Sioux Falls 100% 301,438 167,616 133,822 Fairfax Court VA Fairfax (Wash, D.C.) 100% 239,483 239,483 0 Fairfield Town Center TX Houston 100% 364,469 185,469 179,000 Forest Plaza IL Rockford 100% 433,816 413,519 20,297 10/01/29 3.67% Fixed $ 30,250 $ 30,250 Gaitway Plaza (3) FL Ocala 96% 197,435 196,635 800 Gateway Centers TX Austin 51% 513,571 404,568 109,003 06/01/27 4.03% Fixed $ 112,500 $ 57,375 Greenwood Plus IN Greenwood (Indianapolis) 100% 152,123 146,091 6,032 Henderson Square PA King of Prussia (Philadelphia) 100% 107,368 53,612 53,756 Keystone Shoppes IN Indianapolis 100% 36,457 36,457 0 Lake Plaza IL Waukegan (Chicago) 100% 215,590 124,961 90,629 Lake View Plaza IL Orland Park (Chicago) 100% 364,548 309,139 55,409 Lakeline Plaza TX Cedar Park (Austin) 100% 386,198 355,761 30,437 10/01/29 3.67% Fixed $ 49,710 $ 49,710 Lima Center OH Lima 100% 233,878 173,878 60,000 Lincoln Crossing IL O'Fallon (St. Louis) 100% 303,526 98,061 205,465 MacGregor Village NC Cary 100% 139,802 139,802 0 Mall of Georgia Crossing GA Buford (Atlanta) 100% 440,774 317,639 123,135 10/06/22 4.28% Fixed $ 21,680 $ 21,680 Markland Plaza IN Kokomo 100% 90,527 80,977 9,550 Martinsville Plaza VA Martinsville 100% 102,105 94,760 7,345 Matteson Plaza IL Matteson (Chicago) 100% 273,836 182,436 91,400 Muncie Towne Plaza IN Muncie 100% 171,621 171,621 0 10/01/29 3.67% Fixed $ 10,550 $ 10,550

SUPPLEMENTAL INFORMATION | 19 PROPERTY INFORMATION Washington Prime Group Inc. As of December 31, 2019

Debt Information Indebtedness Total Total Total Financial Center WPG Owned Tenant Owned Maturity Interest WPG Property Name St City (Major Metropolitan Area) Interest (1) Square Feet Square Feet Square Feet Date (2) Rate Type Total Share Open Air Properties North Ridge Shopping Center NC Raleigh 100% 171,492 166,092 5,400 12/01/22 3.41% Fixed $ 11,500 $ 11,500 Northwood Plaza IN Fort Wayne 100% 204,956 76,727 128,229 Palms Crossing TX McAllen 51% 389,618 389,618 0 08/01/21 5.49% Fixed $ 33,377 $ 17,022 Plaza at Buckland Hills, The CT Manchester 100% 309,415 254,401 55,014 Richardson Square TX Richardson (Dallas) 100% 516,100 40,187 475,913 Rockaway Commons NJ Rockaway (New York) 100% 229,929 226,179 3,750 Rockaway Town Plaza NJ Rockaway (New York) 100% 306,440 73,158 233,282 Royal Eagle Plaza FL Coral Springs (Miami) 100% 178,714 175,330 3,384 Shops at Arbor Walk, The TX Austin 51% 309,009 280,260 28,749 08/01/21 5.49% Fixed $ 37,722 $ 19,238 Shops at North East Mall, The TX Hurst (Dallas) 100% 365,169 365,169 0 St. Charles Towne Plaza MD Waldorf (Wash, D.C.) 100% 388,325 329,483 58,842 Tippecanoe Plaza IN Lafayette 100% 90,522 85,811 4,711 University Center IN Mishawaka 100% 150,441 100,441 50,000 University Town Plaza FL Pensacola 100% 557,538 216,194 341,344 Village Park Plaza IN Carmel (Indianapolis) 100% 512,348 290,009 222,339 Washington Plaza IN Indianapolis 100% 50,107 50,107 0 West Ridge Outlots KS Topeka 100% 3,564 0 3,564 West Town Corners (3) FL Altamonte Springs (Orlando) 100% 379,220 234,602 144,618 Westland Park Plaza (3) FL Orange Park (Jacksonville) 100% 163,259 163,259 0 White Oaks Plaza IL Springfield 100% 385,414 263,231 122,183 10/01/29 3.67% Fixed $ 26,490 $ 26,490 Whitehall Mall PA Whitehall 100% 603,475 588,601 14,874 Wolf Ranch TX Georgetown (Austin) 100% 632,102 419,916 212,186 Open Air Properties Total 14,142,445 9,863,892 4,278,553 $ 354,899 $ 264,935

Total 56,086,902 37,201,493 18,885,409 $ 2,377,923 $ 1,733,405 (6)

Footnotes: (1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners. (2) Assumes full exercise of available extension options. (3) WPG receives approximately 96%-100% of the economic benefit of property due to performance or advance, although legal ownership is less than 100%. Legal ownership is as follows: Port Charlotte Town Center (80%); Gaitway Plaza (88.2%); West Town Corners (88.2%); and Westland Park Plaza (88.2%). (4) Noncore property. (5) Land is subject to a ground lease with Perennial. The carrying value of the financial liability at 12/31/19 is $97.6 million and interest is being recognized at an effective rate of 8.7%. The ground lease is subject to a repurchase option in 2049. (6) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.

SUPPLEMENTAL INFORMATION | 20 NON-GAAP PRO-RATA FINANCIAL INFORMATION

The pro-rata financial information presented on pages 22 and 23 is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates the Company’s proportionate economic ownership of each unconsolidated asset in the property portfolio that the Company does not wholly own. The amounts in the column labeled ‘‘WPG’s Share of Unconsolidated Entities’’ were derived on a per property or entity basis by applying to each line item the ownership percentage interest used to arrive at the Company’s share of the operations for the period consistent with the application of the equity method of accounting to each of the unconsolidated joint ventures.

The Company does not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent the Company’s legal claim to such items.

The Company provides pro-rata financial information because it is believed to assist investors and analysts in estimating the economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP.

SUPPLEMENTAL INFORMATION | 21 NON-GAAP PRO-RATA FINANCIAL INFORMATION PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands)

Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2019

WPG's Share of WPG's Share of Unconsolidated Unconsolidated Entities Entities

Revenue: Minimum rent $ 20,716 $ 83,093 Overage rent 1,165 2,730 Tenant reimbursements 7,831 31,891 Changes in estimate of collectibility of rental income (230) (1,098) Other income 777 2,268 Total revenues 30,259 118,884

Expenses: Property operating (6,809) (24,954) Real estate taxes (3,396) (14,076) Advertising and promotion (467) (1,609) Total recoverable expenses (10,672) (40,639) Depreciation and amortization (11,459) (48,239) General and administrative (162) (162) Ground rent (1,562) (6,291) Total operating expenses (23,855) (95,331)

Interest expense, net (5,856) (24,194) Loss from the sale of property - (657) Income and other taxes (45) (201) Income (loss) from unconsolidated entities, net $ 503 $ (1,499)

Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity in each amount indicated, but it should be noted that the company does not control the unconsolidated entities.

SUPPLEMENTAL INFORMATION | 22 NON-GAAP PRO-RATA FINANCIAL INFORMATION PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - BALANCE SHEET Washington Prime Group Inc. (Unaudited, dollars in thousands)

December 31, 2019 WPG's Share of Unconsolidated Entities

Assets: Investment properties at cost $ 1,166,808 Construction in progress 18,121 1,184,929 Less: accumulated depreciation 218,399 966,530 Cash and cash equivalents 18,735 Tenant receivables and accrued revenue, net (see below) 15,701 Deferred costs and other assets (see below) 151,804 Total assets $ 1,152,770

Liabilities and members' equity: Mortgage notes payable $ 619,843 Accounts payable, accrued expenses, intangibles, and deferred revenues (see below) 148,595 Total liabilities 768,438 Members' equity 384,332 Total liabilities and members' equity $ 1,152,770

Supplemental Balance Sheet Detail:

Tenant receivables and accrued revenue, net: Straight-line receivable $ 10,863 Tenant receivable 6,460 Unbilled receivables and other 525 Allowance for doubtful accounts, net (2,147) Total $ 15,701

Deferred costs and other assets: Deferred leasing, net $ 12,956 In place lease intangibles, net 19,732 Acquired above market lease intangibles, net 20,791 Right of use asset 88,225 Mortgage and other escrow deposits 7,502 Prepaids, notes receivable and other assets, net 2,598 Total $ 151,804

Accounts payable, accrued expenses, intangibles and deferred revenues: Accounts payable and accrued expenses $ 31,945 Below market leases, net 23,336 Lease liability 88,226 Other 5,088 Total $ 148,595

Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity, but it should be noted that the company does not control the unconsolidated entities.

SUPPLEMENTAL INFORMATION | 23 GLOSSARY OF TERMS

- Average rent PSF Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below.

- EBITDAre Net income (loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and adjustments related to pro-rata share of unconsolidated entities. The calculation is consistent with the definition published by The National Association of Real Estate Investment Trusts ("NAREIT") in a white paper issued in September 2017.

- Funds from operations (FFO) Funds From Operations ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.

- Funds from operations, as adjusted (AFFO) AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges, gain on debt extinguishment and similar items.

- Gross leasable area (GLA) Measure of the total amount of leasable space in a property.

- Net operating income (NOI) Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income, sales from outparcels, material insurance proceeds, and other noncash items such as straight- line rent and fair value adjustments. - Occupancy Occupancy is the percentage of total owned square footage ("GLA") which is leased as of the last day of the reporting period for tenants with terms of a year or more. For enclosed retail properties, all company owned space except for anchors, majors, office and outlots are included in the calculation. For open air properties, all owned GLA other than office are included in the calculation.

- Occupancy cost Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less.

- Re-leasing spread Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For enclosed retail properties, majors, freestanding and office tenants are excluded. For open air properties, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the trailing twelve month period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance ("CAM") and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another.

- Sales PSF Trailing twelve-month sales for in-line stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.

SUPPLEMENTAL INFORMATION | 24